Survey: AARP Explores Employer Readiness for Boomer Retirements in New York

According to an AARP survey conducted in late 2006, New York businesses understand the value of the knowledge and experience employees gain while working for an organization, particularly over long periods of time. Furthermore, most place a high level of importance on retaining departing employees’ wisdom and recommendations—however less than a third have an organizational process in place to preserve such institutional knowledge.

The survey--Preparing for an Aging Workforce: A Focus on New York Businesses--written by Katherine Bridges and David Cicero finds that, among other things, while 62% of employers believe their business is likely to face a shortage of qualified workers within the next five years, only 23% have taken steps to prepare for potential worker shortages due to baby boomer retirements. In addition:

• 11% say they are offering incentives to encourage their employees to delay retirement
• 72% say it is extremely or very important to retain institutional knowledge that might be lost when employees retire or otherwise leave (although only 34% have a formal process in place enabling employees to pass on their knowledge and experience before they leave
  
• 39% offer reduced work schedules for those considering retirement, mostly on an informal, case-by-case basis, but only 6% of those offering this option have a formal phased-retirement program

Source: AARP Research Report (May 2007)